#1Fourth Quarter & Full Year 2021 Earnings Call Investor Presentation January 27, 2022 Li-Cycle Li-Cycle EV#2Disclaimer • • FORWARD LOOKING STATEMENTS Certain statements contained in this presentation may be considered "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1993, as amended, Section 21 of the Securities Exchange Act of 1934, as amended, and applicable Canadian securities laws. Forward-looking statements may generally be identified by the use of words such as "will", "continue", "anticipate", "expect", "would", "could", "plan", "future" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. Forward-looking statements in this presentation include but are not limited to Li-Cycle's ability to capitalize on growth opportunities, Li-Cycle's ability to scale the business to at least 100,000 tonnes per year of Spoke processing capacity and at least 220,000 tonnes per year of Hub processing capacity by 2025; the expectation to have up to 45,000 tonnes of Spoke production capacity in commissioning and operation in 2023 in North America; expected increased demand in scrap and battery recycling; the annual input capacity and production output of the Rochester Hub, its expected start-up date and total capital cost; the annual processing capacity of the Arizona, Alabama, Ohio, Norway and Germany Spokes and the timing of commencement of their operations; and our target to meet or exceed black mass production of 6,500 to 7,500 tonnes during fiscal year 2022. These statements are based on various assumptions, whether or not identified in this communication, which Li-Cycle believe are reasonable in the circumstances. There can be no assurance that such estimates or assumptions will prove to be correct and, as a result, actual results or events may differ materially from expectations expressed in or implied by the forward-looking statements. These forward-looking statements are provided for the purpose of assisting readers in understanding certain key elements of Li-Cycle's current objectives, goals, targets, strategic priorities, expectations and plans, and in obtaining a better understanding of Li-Cycle's business and anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes and is not intended to serve as, and must not be relied on, by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Forward-looking statements involve inherent risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Li-Cycle, and are not guarantees of future performance. Li-Cycle believes that these risks and uncertainties include, but are not limited to, the following: Li-Cycle's inability to economically and efficiently source, recover and recycle lithium-ion batteries and lithium-ion battery manufacturing scrap, as well as third party black mass, and to meet the market demand for an environmentally sound, closed-loop solution for manufacturing waste and end-of-life lithium-ion batteries; Li-Cycle's inability to successfully implement its global growth strategy, on a timely basis or at all; Li-Cycle's inability to manage future global growth effectively; Li-Cycle's inability to develop the Rochester Hub, Arizona Spoke, Alabama Spoke and other future projects in a timely manner or on budget or that those projects will not meet expectations with respect to their productivity or the specifications of their end products; Li-Cycle's failure to materially increase recycling capacity and efficiency; Li-Cycle may engage in strategic transactions, including acquisitions, that could disrupt its business, cause dilution to its shareholders, reduce its financial resources, result in incurrence of debt, or prove not to be successful; one or more of Li-Cycle's current or future facilities becoming inoperative, capacity constrained or if its operations are disrupted; additional funds required to meet Li-Cycle's capital requirements in the future not being available to Li-Cycle on commercially reasonable terms or at all when it needs them; Li-Cycle expects to incur significant expenses and may not achieve or sustain profitability; problems with the handling of lithium-ion battery cells that result in less usage of lithium-ion batteries or affect Li-Cycle's operations; Li-Cycle's inability to maintain and increase feedstock supply commitments as well as securing new customers and off-take agreements; a decline in the adoption rate of EVs, or a decline in the support by governments for "green" energy technologies; decreases in benchmark prices for the metals contained in Li-Cycle's products; changes in the volume or composition of feedstock materials processed at Li-Cycle's facilities; the development of an alternative chemical make-up of lithium-ion batteries or battery alternatives; Li-Cycle's revenues for the Rochester Hub are derived significantly from a single customer; Li-Cycle's insurance may not cover all liabilities and damages; Li-Cycle's heavy reliance on the experience and expertise of its management; Li-Cycle's reliance on third-party consultants for its regulatory compliance; Li-Cycle's inability to complete its recycling processes as quickly as customers may require; Li-Cycle's inability to compete successfully; increases in income tax rates, changes in income tax laws or disagreements with tax authorities; significant variance in Li-Cycle's operating and financial results from period to period due to fluctuations in its operating costs and other factors; fluctuations in foreign currency exchange rates which could result in declines in reported sales and net earnings; unfavourable economic conditions, such as consequences of the global COVID-19 pandemic; natural disasters, unusually adverse weather, epidemic or pandemic outbreaks, boycotts and geo-political events; failure to protect Li-Cycle's intellectual property; Li-Cycle may be subject to intellectual property rights claims by third parties; Li-Cycle's failure to effectively remediate the material weaknesses in its internal control over financial reporting that it has identified or if it fails to develop and maintain a proper and effective internal control over financial reporting. These and other risks and uncertainties related to Li-Cycle's business are described in greater detail in the section entitled "Risk Factors" in its final prospectus dated August 10, 2021 filed with the Ontario Securities Commission in Canada and the Form 20-F filed with the SEC. Because of these risks, uncertainties and assumptions, readers should not place undue reliance on these forward-looking statements. Actual results could differ materially from those contained in any forward-looking statement. Li-Cycle 2#3FY 2021: Li-Cycle Achieved Significant Milestones, While Positioning For Accelerated Global Growth (1) Financial & Strategic Strong Balance Sheet Position Koch Strategic Platforms (KSP) invested $100MM LG Chem (LGC) and LG Energy Solution (LGES) to invest $50MM, upon completion of commercial agreements (1) Key Leadership Hires Secured Finance Operations Capital project execution Operational & Expansion Rochester Hub ➤ Broke ground for Rochester Hub project, planned for commissioning in 2023 Spokes Kingston and Rochester produced ~1,900 tonnes of black mass, exceeding our original target Arizona and Alabama on track to start-up in 2022 Signed joint venture agreement with Morrow Batteries and ECO STOR to develop first European Spoke in Norway Health, Safety, Environmental Quality Health and Safety (HSEQ) ➤Implemented Incident Communication, Investigation and Response Process (ICIRP) Environment and Quality ISO 45001, 9001 and 14001, and R2 registered with zero non-conformities Completed environmental permitting for Arizona Commercial Significant Agreements: Contracted to recycle Ultium Cells' manufacturing scrap at the Ohio mega-factory - Li-Cycle to co-locate a Spoke Partnered with Univar Solutions to recycle lithium-ion batteries from Mercedes Benz US International (MBUSI) plant in Alabama Finalizing multi-year supply and offtake agreement with LGC and LGES Investment by LGES and LGC subject to completion of manufacturing scrap supply and nickel sulphate off-take agreement by March 13, 2022. See Li-Cycle's Press Release dated December 14, 2021 for additional details. Ⓡ Li-Cycle 3#4Expanding Spoke Input Sources, With Key Off-take Fully Contracted Diversified Battery Supply Customers Production Sources Manufacturing Scrap After-Sales Sources 3% 16% Consumer Electronics 54% 27% Transportation OEMs, including Recalls Energy Storage Systems 100% End-Product Off-take ➤ All black mass produced sold via off-take agreements ➤ 100% off-take agreement for key Rochester Hub end products ➤ Off-take agreement covers the following end- products: " Nickel sulphate FY 20211 > -85 battery supply customers comprising of end-of-life battery and manufacturing scrap sources ◉ ◉ Battery Manufacturers EV OEMs & Service Providers to EV OEMS Consumer Electronics Recyclers Manufacturing Scrap After-Sales Sources ULTIUME call@recycle® LG HELBIZ ΑΓ ΓΙΚAL Leading the charge for recycling UnivarSolutions NEW FLYER RENEWANCE STEWARDSHIP OPERATIONALIZED (1) Measured by weight of input battery materials. ◉ Cobalt sulphate ◉ ■ Lithium carbonate Manganese carbonate Graphite ➤ Allocating supply to future downstream customers such as LG Chem and LGES TRAXY S Li-Cycle 4#5Expanding Spoke Network and Accelerating Production of Black Mass Li-Cycle Black Mass Production (tonnes) 'Rules of Thumb' - Example Material Conversion (1) 2,000 1,800 1,600 1,400 1,200 6.4x 1,000 811 800 600 400 200 126 0 Fiscal Q4 2020 Fiscal Q4 2021 226 FY2020 8.3x 1,880 FY2021 Key Key Spoke Spoke Input Lithium- ion Black Battery Mass Input Output & Hub Input Key Hub Outputs Example Metals Contained Based on NMC811 Cathode (2) Contained Chemical Equivalents(3) Nickel Cobalt Lithium tonnes tonnes tonnes Nickel Cobalt Lithium Sulphate Sulphate Carbonate tonnes Illustrative -1,500- Conversions 2,850(4) 1,000 278 35 55 1,245 166 295 (4) Key Spoke Output Key Hub Outputs FY2022E target range: 6,500 to 7,500 tonnes of black mass production 2.5x to 3x greater than FY2021A Production (1) Example conversions are based on 100% recovery/yield, for illustrative equivalency purposes. (2) (3) (4) Lithium-Ion Batteries and Battery Material Black Mass: which typically contains Nickel, Cobalt, and Lithium Battery grade chemicals: Nickel Sulphate, Cobalt Sulphate, Lithium Carbonate NMC811 is a cathode chemistry with 8 parts nickel: 1 part manganese : 1 part cobalt within the cathode that is commonly used in some EV applications. Li-Cycle produces black mass which typically contains nickel, cobalt, and lithium which are expressed as contained materials for market relevancy. Metal content within the black mass is dependent on composition of battery supply sources. Conversion factor of 4.48 tonnes of nickel sulphate : 1 tonne of nickel metal equivalent; 4.77 tonnes of cobalt sulphate : 1 tonne of cobalt metal equivalent; 5.32 tonnes of lithium carbonate: 1 tonne of lithium metal equivalent. Quantity of cathode and anode material (black mass) varies depending on the type of lithium-ion battery input. For example, manufacturing scrap can have higher cathode and/or anode content (depending on the material form) and hence requires less input material to generate a given quantity of black mass. In general, cathode and anode content in lithium-ion battery materials can range from -35% to -65 wt.% content on a mass basis, depending on the battery material type. Li-Cycle 5#6Revenue, Adjusted EBITDA and Net Loss Reflect Accelerating Network to Meet Growth Targets Revenue (US$M) Adjusted EBITDA (1) (US$M) 10 09876 Revenue 54 1 3 20 Fiscal Q4 2020 Fiscal Q4 2021 0.0 2000 1800 -5.0 1600 1400 1200 1000 800 1 600 Black Mass Produced Adjusted EBITDA -10.0 -15.0 -20.0 400 200 0 -25.0 FY2020 FY2021 ◆ Black Mass Produced (Tonnes Black Mass) -30.0 Fiscal Q4 2020 Fiscal Q4 2021 FY2020 FY2021 Revenues increased due to: Increase in the quantities of batteries and battery scrap processed at the Kingston and Rochester Spokes and the continued onboarding of new battery supply customers Adjusted EBITDA and Net Loss reflect: Higher staffing and Spoke & Hub network development costs related to the growth and expansion of the business Revenues Q42021 $4.4M FY2021 · $7.4M Adjusted ($11.5M) EBITDA (1) ($25.4M) Net Loss ($205.0M) ($226.6M) (1) Adjusted EBITDA is a non-IFRS financial measure. See "Reconciliation of IFRS and Non-IFRS Results" for an explanation of Adjusted EBITDA and reconciliation to the comparable IFRS measure. Li-Cycle 6#7Strategy: Enabling a Circular Economy for Lithium-Ion Batteries Circular Economy: Recovering strategic and critical materials from lithium-ion batteries in a safe, environmentally friendly and economically sustainable manner Critical Source: Developing 'urban mining,' a sustainable alternative to current global mining practices, serving as a secondary source solution, based on patented Spoke & Hub Technologies™ Premier Partner: Go-to solutions provider for battery and vehicle OEMs' battery manufacturing scrap and end-of-life batteries requiring recycling Strategic Locations: Deploying an integrated network at regionally optimized locations that reduce costs and safety risks ☑ Sustainable Technology: Diverting lithium-ion battery materials from landfill sites and employing non-emitting hydrometallurgical versus traditional pyro processing methods ע Strategic Growth: Focusing near to mid term assets in North America, Europe, and Asia Pacific, growing with commercial partnerships with leading global customers Building strength with base-load manufacturing scrap in the near and mid-term; Well positioned to ultimately be the leading processor of end-of-life EV batteries in the long-term Ⓡ Li-Cycle 7#82025 Network Targets: Directing Investment Towards North America and Europe; Opportunistically Exploring Asia Pacific [4] Spoke Target Reiterating global network of ≥100,000 tpa LIB Spoke capacity, deployed close to customer sources. Consisting of: 'Merchant' Spoke sites that service numerous battery supply customers Co-located Spoke sites proximal to key sources (e.g., battery cell manufacturing facilities) Equivalent to approximately ≥20 GWh (1) of battery materials ● Hub Target Reiterating centralized network of ≥220,000 tpa LIB Hub capacity. Consisting of: Centralized Hub facilities that intake black mass (cathode and anode material) from a network of Spokes to produce battery grade end- products Sited based on facility requirements and increasingly based on battery supply chain Equivalent to approximately (4) [4] 244 GWh (1) of battery materials Tpa LIB: Tonnes per annum of lithium-ion battery equivalent material; GWh: Gigawatt hours (1) Assumes an illustrative conversion rate of 1 GWh to 5,000 tonnes of lithium-ion batteries equivalent. Li-Cycle 00#9Executing on Integrated North America Spoke & Hub Model Current North American Mega-factory Capacity Projected to grow from 45 GWh (2021) to >500 GWh by 2025(1) 6 EV Penetration Rate (2) BEV & PHEV Market Share Low High 5 GWh Planned for N. America Location TBC 47 42 GWh 5.5 GWh 4700 Gilbert, AZ 12 GWh (1) (2) (3) Company sourced announcements and Li-Cycle estimates. EV Penetration by State from EVAdoption.com 40 GWh Battery cell manufacturing Location TBC 55 GWh Planned for N. America Location TBC (4) 145 GWh 47 Kingston, ON ✪ 15 GWh Rochester, NY✡ Warren, OH *** 1 GWh 47 7.5 GWh Tuscaloosa, AL✪✪ Battery cell manufacturing Location TBC TBC For manufacturing scrap demand estimate, assumes a conversion rate of 5,000 tpa LIB equivalent to 1 GWh and a scrap rate of 10%; assuming a range of 5% - 10% recycling scrap would yield 125,000 - 250,000 tpa LIB of material. Scrap estimate based on Li-Cycle estimates, based on company-sourced announcements. (4) Includes LG indication of additional planned capacity by 2025 - per theguru.co.kr. 47 3.5 GWh 1435 GU 035 GWh 129 GWh 21 GWh Manufacturing Scrap Demand Far in Excess of Li-Cycle's Base Case NA Capacity 2025 NA GWh Estimate 2025 NA Scrap Estimate LICY 2025 Initial Spoke Capacity Addressable Delta in Scrap Demand Alone Announced or Existing Battery Mega-factory ✡Spoke (5,000 tpa LIB) **Spoke (10,000 tpa LIB) ✿✿✿ Spoke (15,000 tpa LIB) Hub (35,000 tpa black mass) >500 GWh >250,000(1,3) tpa LIB 45,000 tpa LIB ~205,000 tpa LIB Li-Cycle#10Deploying Initial European Spokes in Lockstep with Market Demand Current European Mega-factory Capacity Projected to grow from 37 GWh (2021) to >930 GWh by 2030(1) EV Penetration Rate (2) EV Sales Fraction Low High 35 GWh GWh TBD 740 GWh 472 GWh TBD ** 43 GWh 47.40 GWh 40.5 GWh 125 GWh 476 GWh 465 GWh 410 GWh 24 GWh 4 30 GWh 64 GWh GWh 44100 GWh 24 GWh 10 GWh 2.5 GWh 40 GWh - Location TBD 10 GWh 30 GWh 470 GWh 430 GWh 3 GWh - Russia 450 GWh 740 GWh Company sourced announcements and Li-Cycle estimates. 478 GWh Announced Norway Spoke JV with Morrow, ECO STOR (1) (2) EV Penetration by Country from International Energy Agency (IEA). (3) For manufacturing scrap demand estimate, assumes a conversion rate of 5,000 tpa LIB equivalent to 1 GWh and a scrap rate of 10%; assuming a range of 5% - 10% recycling scrap would yield 232,500 - 465,000 tpa LIB of material. Scrap estimate based on Li-Cycle estimates, based on company-sourced announcements. Advanced Development Germany Spoke Manufacturing Scrap and Growing Lithium-ion Battery Recycling Demand Presents Robust Opportunity in Europe 2030 EU GWh Estimate 2030 EU Scrap Estimate LICY 2025 Initial Spoke Capacity Addressable Delta in Scrap Demand Alone Announced or Existing Battery Mega-factory ✰✰Spoke (10,000 tpa LIB) >930 GWh >465,000(1,3) tpa LIB 20,000 tpa LIB -445,000 tpa LIB Li-Cycle 10#11Spoke Development Pipeline Progressing Towards 2025 Target Legend Americas EMEA Kingston, ON Operational Spoke Expansion Pipeline Spoke Location In Construction and Development Rochester, NY Gilbert, AZ Tuscaloosa, AL Warren, OH Norway Germany Total Capacity (tonnes of lithium-ion battery input/year) 5,000 5,000 10,000 10,000 15,000 10,000 10,000 65,000 Ⓡ + Li-Cycle 11#12Co-locating Spoke in Ohio with Ultium Cells' Battery Mega-Factory Key Highlights ➤ Processing of up to 15,000 tonnes input/year of manufacturing scrap from Ultium's battery cell manufacturing plant ➤ Under the multi-year agreement, Ultium to provide a secure baseload of battery manufacturing scrap ➤ Co-location enables meaningful cost savings on packaging & logistics, material handling, and significant reduction in the associated carbon footprint ➤ Anticipated to be operational in early 2023 ultium=cells Ultium Cells facility in Warren, Ohio - December 2021 Source: Ultiumcell.com Li-Cycle 12#13Launching First International Spoke with Strategic Partners in Norway, Europe's Leading EV Market Key Highlights Developing first international Spoke in Norway, Europe's leading EV market; ability to accept material from across Europe ➤ Norway has a 75% EV penetration rate (1), the highest penetration rate in Europe; estimated to reach 100% electric vehicle sales as early as April 2022(2) ➤ Processing capacity of up to 10,000 tonnes input/year of manufacturing scrap and end-of-life batteries, including full packs ➤ Koch Engineered Solutions (KES) will fabricate the Spoke, extending the strategic relationship between Koch and Li- Cycle Facility expected to operate on 100% hydroelectric power ➤ Anticipated to be operational in early 2023 ® Li-Cycle MORYOW Leading battery lithium-ion Partner recycling and Overview resource recovery business Manufacturing Baseload Feed into Spoke Scrap and end- of-life material in Europe 43 GWh mega- factory in southern Norway under development Battery manufacturing scrap from Morrow's cell production plant € eCoSTOR Leading second life business; servicing industrial, commercial and residential customers End-of-life EV packs and energy storage systems in Europe Sources: (1) International Energy Agency (IEA). (2) Norwegian Automobile Federation (NAF). Li-Cycle 13#14Rochester Hub will Position Li-Cycle as the #1 U.S.-Based Secondary Recycling Supplier of Battery Grade Advanced Materials (1) 2021 First lithium-ion battery recycling post-processing facility to come online in North America IP-protected hydrometallurgical, non-pyro processing technology Leverages proven process and equipment, successful pilot and extensive partner validations Sustainable conversion of 35,000 tonnes black mass (equivalent to 18 GWh) (2) into nickel sulphate, cobalt sulphate and lithium carbonate advanced battery material Higher resource recovery, lower capital intensity, lower environmental footprint and greater employee safety Capital investment of approximately $485 million (3) ☐ ☐ ☐ 2022 Complete all permitting and major equipment procurement Advanced site construction underway Finalize general contractor ப ㅁㅁ 2023 Mechanical completion Commissioning Begin ramp-up to nameplate capacity Completed Definitive Feasibility Study Key environmental permitting work streams completed or advanced Firm price competitive quotes on 80% of equipment Awarded EPCM contract to Hatch, leading engineering consulting firm Mobilization to site Sources: Benchmark Mineral Intelligence ("BMI") and Li-Cycle estimates. Continued expansion of commercial contracting pipeline Once Li-Cycle's Hub achieves steady state operations, in comparison to data from Benchmark Mineral Intelligence as of calendar Q3 2021 for forecasted U.S. domestic production in 2024 from all production sources, including nickel sulphate, cobalt sulphate and lithium carbonate. Li-Cycle Hub expected annual production output of 42,000 - 48,000 tpa Nickel Sulphate, 6,500 - 7,500 tpa Cobalt Sulphate, and 7,500 - 8,500 tpa Lithium Carbonate. (1) (2) (3) +/- 15% estimate, per the Definitive Feasibility Study (DFS) completed in December 2021. 35,000 tonnes black mass is approximately equivalent to 90,000 tonnes LIB and approximately equivalent to 18 GWh based on the ratio of 1 GWh to 5,000 tonnes LIB. Li-Cycle 14#15Management Objectives Aligned with Shareholder Interests Business Outlook FY2022 Financial Priorities Continue building balance sheet strength Manage operating expenses as Li-Cycle builds its business with a path towards profitability Health, Safety, Environmental Quality (HSEQ) ➤ Drive Health, Safety, Environment and Quality (HSEQ) performance, prioritizing safety and sustainability in all of Li-Cycle's activities Rochester Hub ➤ Maintain on time and on budget execution for commissioning of the Rochester Hub in 2023 Spoke Operations & Expansion ➤ Target black mass production of 6,500 tonnes to 7,500 tonnes in fiscal year 2022 Drive ongoing efficient operations of Kingston and Rochester Spokes Bring the Arizona and Alabama Spokes on-line during 2022 Progress Ohio and Norway Spokes for start-up of operations in 2023 Advance development of a Spoke in Germany Li-Cycle 15#16Key Takeaways: Execution On Strategy and Customer Relationships Accelerated macro investments in the North American and European battery supply chains, driving an increased need for recycling and a reliable source of secondary battery materials ➤ Li-Cycle aligned with customer and market demand: Ramping up Spoke and Hub network strategically and expeditiously Entered significant commercial partnerships with key global players for both battery supply intake and end-product off-take Bolstered balance sheet to fund growth Ⓡ Li-Cycle 16#17Li-Cycle is a Leading Innovative and Sustainable Pure-Play Provider in Advanced Resource Recovery and Recycling 00 C D E Investment Highlights Sustainable Closed Loop Recycling Solution Proven & Patented Technology Commercially Contracted & Ready to Scale Robust and Integrated Customer Network Growing Electrified Market Regulatory Tailwinds High Barriers to Entry Leadership Experience & Compensation Tied to Execution End-User Li-Cycle Technology Closing the Lithium-Ion Battery Supply Chain Loop End-Products Battery Supply Chain Li-Cycle 17#18Appendix 18#19Reconciliation of IFRS and Non-IFRS Results Adjusted EBITDA Net loss Depreciation Interest expense (income) Foreign exchange loss (gain) Fair value loss on financial instruments (1) Listing fee Forfeited SPAC transaction cost Share-based compensation (2) Adjusted EBITDA loss 2020 $(4,433) 378 (U.S. dollar amounts in thousands) Three months ended October 31, 2021 $(204,969) 1,069 2,040 Year ended October 31, 2021 $(226,559) 2,899 2,970 2020 189 222 (336) 758 35,821 84 38,254 $(9,276) 1,095 495 (446) 84 152,719 152,719 2,000 1,588 $(11,510) 1,588 $(4,119) $(25,370) $(8,047) (1) Fair value loss on financial instruments relates to warrants, convertible debt, and restricted share units liability. (2) Share-based compensation relates to accelerated vesting of existing stock options upon completion of the Business Combination. Li-Cycle reports its financial results in accordance with the International Financial Reporting Standards ("IFRS"). The Company makes references to certain non-IFRS measures, including Adjusted EBITDA. These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing a further understanding of the Company's results of operations from management's perspective. Accordingly, they should not be considered in isolation nor as a substitute for the analysis of the Company's financial information reported under IFRS. Li-Cycle defines Adjusted EBITDA as earnings before depreciation and amortization, interest expense (income), income tax expense (recovery), foreign exchange (gain) loss, fair value (gain) loss on financial instruments, and non-recurring expenses such as forfeited SPAC transaction cost, listing fee, and accelerated vesting of share-based compensation related to the Business Combination. Li-Cycle 19#20LICY Share Count as of 10/31/2021 Total shares outstanding as of October 31, 2021 163,179,653 Potential shares reserved for future issuance: Public warrants (1) Private warrants (1) Convertible note (2) Stock options (3) Restricted share units (3) Total potential shares as of October 31, 2021 (2) 14,999,894 8,000,000 7,493,795 5,296,553 716,763 199,686,658 (1) On December 27, 2021, the Company announced that it will redeem all of its warrants to purchase common shares of the Company that remain outstanding at 5:00 p.m. New York City time on January 26, 2022 (the "Redemption Date") for a redemption price of $0.10 per Warrant. Based on the Redemption Fair Market Value that was announced on January 11, 2022, Warrant holders who surrender their Warrants on a "Make-Whole Exercise" prior to the Redemption Date will receive 0.253 Common Shares per Warrant. (2) Includes interest accrued as of October 31, 2021. Excludes interest in subsequent periods that may be paid via payment-in-kind (PIK). (3) Includes stock options and restricted share units granted and outstanding as of October 31, 2021. Excludes additional shares available for future grants pursuant to the Company's equity incentive plan. Li-Cycle 20#21Solving the global battery recycling problem. Li-Cycle Li-Cycle EV